Man Group plc, the global provider of alternative investment products and futures broker, today announces the launch of the Group’s first US Securities and Exchange Commission registeredfund-of-hedge funds designed specifically for qualified individual retirement accounts and taxexempt investors in the US. The fund, Man-Glenwood Lexington TEI, LLC, is sponsored by Glenwood CapitalInvestments, L.L.C., a wholly owned subsidiary of Man Group plc. Man Investments Inc., a US subsidiary of Man Group plc, is the fund’s primary distributor and will distribute through a nationwidechannel of intermediaries. The fund will provide qualified US investors access to the portfolio of an already established multi-strategy fund-of-hedge funds which has a ten year track record. Thefund is the latest in a series of registered products the firm is launching in the US.
Stanley Fink, Chief Executive of Man Group plc said : “We expect that Man-Glenwood Lexington TEI, LLC will satisfy the high demand for fund-ofhedge funds among tax-deferred and tax-exempt investors. Launched last year, Man-Glenwood Lexington, LLC has attracted significant interest from these types of US investors. Thus, we felt Man-Glenwood Lexington TEI, LLC would offer qualified tax-deferred and tax-exempt investors a product designed to address their specific tax requirements.” The structure of the fund allows eligible investors with tax-advantaged status — pension plans, employee benefit plans, foundations and endowments, and individual retirement accounts (IRAs) — to invest with a minimum of $25,000.
This is Man Group plc’s first registered fund designed to eliminate unrelated business taxable income (UBTI) which is otherwise taxable to tax-advantaged investors. The fund is a closed-end investment company that uses a fund-of-hedge -funds strategy designed to preserve capital and generate attractive returns that have low correlation with traditional stock and bond markets. Man Investments, the asset management division of Man Group plc, is an independent and global leader in alternative investments, providing innovative products and tailor-made solutions for private and institutional clients. Established in 1983, Man Investments has launched around 400 products worldwide, many of them with leading financial institutions. It manages $38.0 billion (estimated as of March 25, 2004) and employs around 800 people worldwide. It has offices in Chicago, Switzerland, London, Hong Kong, Dubai, Montevideo, New York and Tokyo.
Established in 1987, through a predecessor entity, Glenwood Capital Investments advises approximately US$5 billion dollars of institutional/private client assets worldwide on a discretionary and non-discretionary basis. Glenwood Capital Investments is registered as an investment adviser with the US Securities and Exchange Commission, as a commodity trading advisor and commodity pool operator with the US Commodity Futures Trading Commission and is a member of the National Futures Association.
